AUTOMAKERS
Ghosn may see new charges
Tokyo prosecutors are preparing to build a fresh case against ousted Nissan Motor Co chairman Carlos Ghosn over suspect payments the automaker made to a business partner in Oman, the Yomiuri Shimbun reported yesterday. They are in discussions with the Supreme Public Prosecutors’ Office and others, and plan to make a decision soon on whether to prosecute Ghosn on further charges of aggravated breach of trust, the newspaper said, citing sources involved in the case. Ghosn’s spokesman has previously said payments of US$32 million made over nine years were rewards for the Oman firm being a top Nissan dealer. Such dealer incentives were not directed by Ghosn and the funds were not used to pay any personal debt, the spokesman said. Ghosn promised to “tell the truth” at a news conference on Thursday next week, taking to Twitter to announce his first briefing since being released on bail and hours after a report that prosecutors were preparing a fresh case against him.
TRANSPORTATION
Chopper ride-sharing offered
A new start-up may have the answer for cashed-up travelers desperate to beat the gridlock in Southeast Asia’s mega cities: helicopter ride-sharing. Ascent Flights Global Pte is starting the service in the Philippines next week, and plans to expand to Thailand, Indonesia and Malaysia next year. The Singapore-based firm lets clients book a seat on a helicopter online for flights during the morning and afternoon rush hours. Targeting executives and luxury travelers, the choppers fly to the Makati and Taguig business districts, as well as airports in Metro Manila and Clark, Angeles. The shortest flight between the two business districts cuts travel time from half an hour to 3 minutes, with seats going for 6,900 pesos (US$133) each. The longest flight between the two airports would cost 25,900 pesos for a 30-minute trip that would usually take three hours by road.
UNITED KINGDOM
Services contract in March
The services sector contracted last month for the first time in more than two-and-a-haf years as Brexit turmoil prompted companies and households to hold back spending. IHS Markit’s purchasing managers index dropped to 48.9 from 51.3 in February. A modest slowdown to 50.9 had been forecast in a Bloomberg survey. The slide indicates that the economy shrank last month and stalled over the first quarter, with a risk that the slump deepens in the coming months, Markit said. Both services and construction are in decline, while manufacturing was buoyed by stockpiling, limiting the drop in the composite gauge to 50. New orders deteriorated for a third month, the longest fall in sales volumes since 2009. Export demand was especially weak.
CURRENCIES
Bitcoin hits fresh high
Bitcoin yesterday climbed to a fresh high this year, building on a spike yesterday that many market participants struggled to explain. It increased as much as 5.9 percent to US$5,087.54 at 9:47am in London, according to Bloomberg composite pricing. Rivals coins, including Bitcoin Cash and Ether, also advanced. With the Bloomberg Galaxy Crypto Index up more than 70 percent from its low during the depths of last year’s crash, the debate over whether virtual currency prices have bottomed is heating up. Crypto diehards see the surge as confirmation that a new bull market has begun, while bears argue that entrenched skepticism among regulators, institutional investors and consumers would make any rally temporary.
MARKET LEADERSHIP: Investors are flocking to Nvidia, drawn by the company’s long-term fundamntals, dominant position in the AI sector, and pricing and margin power Two years after Nvidia Corp made history by becoming the first chipmaker to achieve a US$1 trillion market capitalization, an even more remarkable milestone is within its grasp: becoming the first company to reach US$4 trillion. After the emergence of China’s DeepSeek (深度求索) sent the stock plunging earlier this year and stoked concerns that outlays on artificial intelligence (AI) infrastructure were set to slow, Nvidia shares have rallied back to a record. The company’s biggest customers remain full steam ahead on spending, much of which is flowing to its computing systems. Microsoft Corp, Meta Platforms Inc, Amazon.com Inc and Alphabet Inc are
Luxury fashion powerhouse Prada SpA has acknowledged the ancient Indian roots of its new sandal design after the debut of the open-toe footwear sparked a furor among Indian artisans and politicians thousands of miles from the catwalk in Italy. Images from Prada’s fashion show in Milan last weekend showed models wearing leather sandals with a braided design that resembled handmade Kolhapuri slippers with designs dating back to the 12th century. A wave of criticism in the media and from lawmakers followed over the Italian brand’s lack of public acknowledgement of the Indian sandal design, which is named after a city in the
The US overtaking China as Taiwan’s top export destination could boost industrial development and wage growth, given the US is a high-income economy, an economist said yesterday. However, Taiwan still needs to diversify its export markets due to the unpredictability of US President Donald Trump’s administration, said Chiou Jiunn-rong (邱俊榮), an economics professor at National Central University. Taiwan’s exports soared to a record US$51.74 billion last month, driven by strong demand for artificial intelligence (AI) products and continued orders, with information and communication technology (ICT) and audio/video products leading all sectors. The US reclaimed its position as Taiwan’s top export market, accounting for
NEW MODELS: AI researchers are facing challenges in managing deceptive behaviors, with limited regulation and testing, as the race for advanced models intensifies The world’s most advanced artificial intelligence (AI) models are exhibiting troubling new behaviors — lying, scheming and even threatening their creators to achieve their goals. In one particularly jarring example, under threat of being unplugged, Anthropic PBC’s latest creation, Claude 4, lashed back by blackmailing an engineer and threatening to reveal an extramarital affair. Meanwhile, ChatGPT creator OpenAI’s o1 tried to download itself onto external servers and denied it when caught red-handed. These episodes highlight a sobering reality: More than two years after ChatGPT shook the world, AI researchers still do not fully understand how their own creations work. Yet the race to
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